Louisiana Insurance Commissioner canceled homeowners policy update

The Louisiana Department of Insurance will address homeowners insurance policy cancellations at a news conference Tuesday. This comes after insurance providers Lighthouse, Maison and Southern Fidelity alerted their customers that their homeowners’ insurance policies would be cancelled. Two weeks ago, Insurance Commissioner Jim Donelon said insurance agents working to place Lighthouse Excalibur, Maison and Southern Fidelity policies had an additional 60 days to place those policies while maintaining coverage for policyholders after cancellation. . The Lighthouse Excalibur and Maison policies will cancel on June 30. Southern Fidelity policies will be canceled on July 15, according to Donelon. With this change, Donelon said Citizens will provide coverage effective for Lighthouse Excalibur and Maison policyholders from June 30 through August 28, and for Southern Fidelity policyholders from July 15 through August 3. September. 13, as long as agents place policies with Citizens before the 60-day deadline and it’s a risk that meets Citizens’ guidelines. the agent binds a new policy with Citizens if that date is not later than 60 days after the original policy was cancelled. This extension does not affect policyholders who find a new policy with an insurer other than Citizens. Donelon will provide an update on these canceled policies, as well as new laws that will improve protections for policyholders and strengthen the insurance market. Joining Donelon will be Senator Kirk Talbot, Chairman of the Senate Insurance Committee, and Representative Mike Huval, Chairman of the House Insurance Committee. The press conference will begin at 2:30 p.m.

The Louisiana Department of Insurance will address homeowners insurance policy cancellations at a news conference Tuesday.

See also  ELIZABETH DIPP METZGER NAMED MEMBER OF THE ADVISORY BOARD OF DIRECTORS OF NEW YORK LIFE INSURANCE COMPANY – InsuranceNewsNet | Business Insurance

This comes after insurance providers Lighthouse, Maison and Southern Fidelity alerted their customers that their homeowners’ insurance policies would be cancelled.

Two weeks ago, Insurance Commissioner Jim Donelon said insurance agents working to place Lighthouse Excalibur, Maison and Southern Fidelity policies had an additional 60 days to place those policies while maintaining coverage for policyholders after cancellation. .

The Lighthouse Excalibur and Maison policies will be canceled on June 30. Southern Fidelity policies will be canceled on July 15, according to Donelon.

With this change, Donelon said Citizens will provide effective coverage to Lighthouse Excalibur and Maison policyholders from June 30 through Aug. 28, and Southern Fidelity policyholders from July 15 through Sept. 13. , as long as agents place policies with Citizens before the 60-day deadline and it is a risk that meets Citizens guidelines.

Donelon said policyholders whose insurance policy is canceled will be covered by Citizens for claims that occur between the date of cancellation and the date their agent links a new policy with Citizens if that date is not later than 60 days. after cancellation of the original policy.

This extension does not affect policyholders who find a new policy with an insurer other than Citizens.

Donelon will provide an update on these canceled policies, as well as new laws that will improve protections for policyholders and strengthen the insurance market.

Joining Donelon will be Senator Kirk Talbot, Chairman of the Senate Committee on Insurance, and
Representative Mike Huval, Chairman of the House Insurance Committee.

The press conference will begin at 2:30 p.m.

See also  Department of Justice refuses to prosecute insurance broker for bribery in Ecuador